Insolvency Law — Winding up
In Foo Kian Beng v OP3 International Pte Ltd (In liquidation) [2024] SGCA 10, the Singapore Court of Appeal dismissed the Appellant’s appeal and held up the findings by the Judge of the General Division of the High Court of Singapore that a director has a duty to consider the interests of creditors as part of his duty to act in the best interests of the company at a time when the company was in a financially parlous state, and that the Appellant had breached that duty by authorising the payment of disputed transactions to himself. This update analyses the court's decision.
This update looks at some of the proposed changes recently published in a Singapore Exchange Regulation consultation paper which seeks to facilitate the restructuring process for issuers under Singapore’s Insolvency, Restructuring and Dissolution Act 2018, which will enable issuers to restructure more efficiently and lessen the regulatory burden when they are trying to manage their financial affairs and meet time-sensitive milestones.
Insolvency Law — Bankruptcy
Insolvency Law — Judicial management
The decision of Kyen Resources Pte Ltd (in compulsory liquidation) v Feima International (Hongkong) Ltd (in liquidation) [2024] SGCA 7 saw the Court of Appeal deciding three major points of law for the first time. The decision imposes important limits on when and how liquidators can assert crossclaims of the company in liquidation in order to defeat claims in a creditor’s proof of debt, and also clarifies the law on transnational issue estoppel in insolvency proceedings.
The Singapore Exchange Regulation (“SGX RegCo”) recently sought comments on its proposed changes to the SGX-ST Listing Rules to clarify the obligations of issuers listed on SGX-ST undergoing the corporate restructuring process under the IRDA Act. This update provides a brief summary of SGX RegCo’s key proposals to improve the restructuring and trading resumption frameworks.
Companies — Accounts ; Companies — Directors
Insolvency Law — Winding up ; Companies — Winding up
Insolvency Law — Winding up
Insolvency Law — Winding up
Insolvency Law — Administration of insolvent estates
The recent decision of Farooq Ahmad Mann (in his capacity as judicial manager) v Golden Mountain Textile and Trading Pte Ltd (in judicial management) [2024] SGHC 48 is the first case in which the Singapore Courts issued written grounds for its decision to grant an extension of a judicial management order under the framework of the Insolvency, Restructuring and Dissolution Act 2018 (2020 Rev Ed).
Insolvency Law — Avoidance of transactions
This article delves into cross-border issues between Singapore and Malaysia on schemes of arrangement, winding up, and how the recent Protocols for Court-to-Court Cooperation in Cross-Border Insolvency and Shipping may have a part to play in assisting practitioners in obtaining recognition for Singapore proceedings in Malaysia.
Insolvency Law — Winding up
Insolvency Law — Bankruptcy
Insolvency Law — Judicial management
Civil Procedure — Appeals; Insolvency Law — Winding up
Trusts — Quistclose trusts